For all the business owners that operate under the entity of LLC, LLP, SCorp or C Corp, you have leass than a month to file your corporate taxes.(15 march 2011), or file an extension (Form 4868).
The filing date is not to be confused with the personal tax filing dead line of 18 April 2011. To the veteran business owner this may seem like a no brainer, or you may not even know that two different tax deadlines exist. One of my new clients were unaware that there had ever been 2 separate tax deadlines, and they had been in business for 8 years. I suspect their previous tax professional just filed an extension for the business taxes and then filed everything ( personal and business taxes) by The April dead line. Now some business owners may be confused because you only receive a copy from your tax professional of a 1040 with a schedule c attached. The only reason that should happen is you are a sole proprietor or the sole owner in a LLC. If either are the case you would not be required to file form 1065 (limited liability tax form). If the corporate tax forms are not filed on time (15 march 2011), you will face penalties from both the federal and state government. Businesses that file taxes quarterly continue to do what you do.
Should you feel that you would not be able have your information in time to file your 2010 corporate taxes by 15 March 2011 I suggest you file an automatic extension (form 4868). Form 4868 must be filed on or before 15 March 2011 or you will face penalties and fines.
Tax management is a year round occurrence, so happy Tax Season!
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